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Updates Of the Day
1.SEBI has proposed new regulations for public issue of 'core capital' instruments by banks and for the public issue of Infrastructure Investment Trusts (InviTs).
2.MCA notifies sections related to reporting on fraud by auditor and omnibus approval by Audit Committee of the Companies Amendment Act, 2015 and made applicable from 14.12.2015.
3.CESTAT order to deposit duty after considering prima facie case, undue hardship and interest of revenue is valid. [Advance Netways Marketing Pvt. Ltd. vs. CCE, Honorable Bombay High Court].
4.TDS u/s.194I not deductible on lease premium paid to acquire land on lease with substantial right. [ACIT vs. OBC, Mumbai Bench of ITAT].
5.Free samples of medicines to medical practitioners not covered under gift, no disallowance u/s 37. [ITAT Delhi: Eli Lilly & Co. (India) Pvt. Ltd. vs, ACIT].
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The government plans to introduce a bill in Parliament on Monday to deal with sick companies that turn insolvent for genuine reasons. The bill — Insolvency and Bankruptcy Code — once voted into law will replace a string of archaic legislations with a modern contemporary law, which will help companies opt for easy exits, in a move that will further improve ease of doing business in the country. “Finance minister will introduce Insolvency and Bankruptcy Bill in Parliament tomorrow,” Shaktikanta Das, secretary, department of economic affairs tweeted on Sunday. The move was first announced by finance minister Arun Jaitley in the budget. Last month, the Bankruptcy Law Committee headed by former law secretary TK Vishwnathan released the first draft of a proposed bankruptcy law modelled on the USA’s tested Chapter 11 bankruptcy code, which handholds insolvent companies and aids banks that would have lent to such companies. The bill could be referred to the standing committee for a full and thor…

Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17 To meet higher expenditure requirement for the next financial year, mainly on account of the seventh pay commission’s recommendations and the implementation of the one- rank- one- pay ( OROP) pension plan, the Centre could raise the service tax rate by up to two percentage points in the coming Union Budget. A committee headed by Chief Economic Advisor Arvind Subramanian has recommended a standard rate of 16.9 per cent to 18.9 per cent under the proposed goods and services tax ( GST) regime. So, Finance Minister Arun Jaitley has the room to increase the service tax rate from the current 14 per cent to 16 per cent next financial year — to shore up revenue and also prepare the country for a GST regime. “Discussions and consultations are on; services is an area where we see room, as far as revenue sources are concerned. We do not know how global oil prices will behave next year, so excise duty is an…

Salary, allowances covered under ruling in a plea filed by Indian subsidiary of US group Payments to expats working in India for local arms of multinationals by the foreign parent won't attract service tax, the Authority for Advance Ruling has said. The decision is significant as it brings some relief to MNCs that have been served with notices in similar cases. “There shall be no liability to pay service tax on the salary and the allowances payable by the applicant to the employee in terms of the dual employment agreement and such salary will not be eligible to levy the service tax as per the provisions of the Finance Act,“ the ruling said. This followed a plea by North American Coal Corp. India, the local subsidiary of US-based North American Coal Corp. It sought a ruling on the application of service tax on social security benefits given by the parent to an employee working in India on contract. There have been recent instances of tax authorities issuing notices to MNCs in a number…